BISMARCK - The state-owned Bank of North Dakota recorded its 14th consecutive year of record profits in 2017, with $145.3 million in net earnings, the bank reported this week in its annual report to the state Industrial Commission.
Total assets decreased slightly from $7.3 billion in 2016 to $7 billion. BND ended the year with capital of $825 million. The state's return on its investment at the bank was a healthy 17 percent.
The report's theme, "Innovation-Focused," highlights the bank's efforts to become an even greater economic force for the residents of North Dakota. To accomplish this, employees committed to becoming more curious and collaborative to produce efficiencies and identify service gaps.
"The Bank's refusal to 'do business as usual' is a shining example of reinventing state government," said Gov. Doug Burgum. "Their leadership and vision create economic development opportunities for individuals and communities in our state."
The bank's lending portfolio grew by $120 million in 2017. The loan portfolio experienced growth in three areas: business, residential and student loans.
The Bank of North Dakota is the only state-owned bank in the nation. A complete copy of the 2017 Annual Report is available at www.bnd.nd.gov.